Pakistan Economy: Friendship with poor Pakistan is fine… but Saudi Arabia will not give bailout, sound of economic disaster! – pakistan economic crisis saudi arabia not to provide unconditional bailout to pak economists warns
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He said that the Arab country, under Saudi Crown Prince Mohammed bin Salman, is saying that its funds earned from the recent oil boom last year are not for a ‘free lunch’, reported ANI. Analyst Musharraf Zaidi wrote in The News International last week, ‘It is highly unlikely that Pakistan will be able to get Saudi Arabia’s support to restart its IMF program. Even if this happens, it will be a temporary relief.
Saudi in no mood to give bailout
He wrote, “Pakistan will not be able to receive any major economic package from Saudi Arabia today or in the near future as the model for such support no longer exists.” “Saudi Arabia has changed rapidly and its rulers have very strong feelings for Pakistan,” Zaidi said. But they will not allow Pakistan’s elite to convert those relationships into unconditional handouts.
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help is nowhere to be seen
Several global reports have warned that the bailout that Pakistan is hoping for is nowhere in sight in the near future. An April 3 New York Times report warned that Riyadh would no longer provide money to Pakistan and other countries that refused to improve their economic infrastructure. The report said, ‘The Kingdom is still sending money abroad. But much of it is now going into international investment for profit, dominance and starting new industries on Saudi soil.
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